Austin Real Estate 101: Option Fee

What is the option fee? The Option fee (also called the termination option fee, or option money) is money paid by the buyer directly to the seller in order to have an option period.   The option period is a specific number of days (usually 5-10) given to the buyer in order to perform all […]

Austin Real Estate 101: Earnest Money

What is earnest money? Earnest money is money paid upfront by the buyer as a show of good faith in their intention to buy the home.  When a buyer submits an offer on a house, they will designate an amount of earnest money in the contract — usually 1% of the purchase price.  (Ex: $2500 […]